Ethereum is in a better position than ever. However, this has yet to be reflected in the ETH price movement.
Since the Ethereum Merge 100 days ago, the network has grown more stable and eco-friendly.
Proof of work mining was replaced with a Proof of stake consensus model. This has reduced network energy consumption by more than 99%.
We just did the correct thing. An ETH engineer named superphiz wrote in response to the story on December 25.
100 days ago, the Ethereum network became a positive contributor to global health by turning off energy-intensive mining. We didn’t have to do this, we could have stuck our heads in the sand and created narratives to justify ourselves, but instead we just did the right thing.
“Beaconcha reports that approximately 13% of the total supply, or 15.7 million ETH, is presently held.. It is worth about $19.2 billion at today’s value.
In addition, the Ethereum network has more than 490,000 active validators right now. Due to extreme weather and strain on American electrical grids, Bitcoin’s hash rate dropped, and this problem is no longer present with Ethereum.
#ETH is running at nearly 100% without any validators dropping off. This is what a resilient network looks like, #BTC drops 30% of its security overnight because it’s too “cold”
Eth Drives NFT Action
Not all fundamentals for Ethereum are bullish, including staking, and Additionally, it is the top NFT ecosystem in the globe. In 2022, NFTs were issued and sold on Ethereum for a total of $23.7 billion, according to Nansen.
Moreover, it has a significant lead over Solana, the second-largest NFT ecosystem. Regarding NFT activity, other allegedly Ethereum killers like Cardano and Polkadot aren’t even close.
In 2022, a total of $23.7 billion worth of NFTs were minted and traded on Ethereum Weekly volume reached $1.6 billion in early May after Yuga Labs launched Otherdeed for Otherside.
The Ultrasound. The money tracker shows that the issuance of Ethereum is now relatively low. The supply is only increasing by 0.012% annually and has slightly decreased since reaching a peak of 121.3K ETH.
Related Reading | Hackers Steal $4.3 Billion In Cryptocurrency in 2022
The Control XEN batch minter, which has consumed 164 ETH in the last 24 hours, is currently the gas guzzler with the highest consumption rate. Despite having pyramid-style tokenomics and being a token that anybody may manufacture, XEN still is in demand.